Net Asset Value(s)

CHELVERTON GROWTH TRUST PLC

The Net Asset Value, based on bid prices, per Ordinary Share of 1p (including
current period revenue) at close of business on 30 April 2008 was 38.02p

Fair value of the overdraft is not materially different from the par value.

TOP 20 HOLDINGS

     Name of company                     % of portfolio
                                                       
 1   IDOX                                         12.29
                                                       
 2   Smallbone                                     7.38
                                                       
 3   Belgravium Technologies                       7.21
                                                       
 4   AI Claims                                     6.18
                                                       
 5   Closed Loop London                            5.10
                                                       
 6   Northbridge Industrial Services               4.59
                                                       
 7   CEPS                                          3.56
                                                       
 8   AT Communications                             3.26
                                                       
 9   Tristel                                       3.17
                                                       
 10  Datong                                        2.97
                                                       
 11  Titan Europe                                  2.95
                                                       
 12  Newmark Security                              2.79
                                                       
 13  Minorplanet Systems                           2.66
                                                       
 14  MTI Wireless Edge                             2.66
                                                       
 15  Satcom Group Holdings                         2.38
                                                       
 16  Hartest Holdings                              2.32
                                                       
 17  PSG Solutions                                 2.16
                                                       
 18  Clipper Ventures                              2.13
                                                       
 19  Assetco                                       1.82
                                                       
 20  Forest Support                                1.71
                                                       
     Balance held in 20 holdings                  20.71
                                                       
                                                 100.00